The euro has become a reality for 300 million citizens in 12 European countries

The euro has become a reality for 300 million citizens in 12 European countries as notes and coins go into circulation for the first time on 1 January 2002. Over 6bn notes and nearly 40bn coins have been distributed to banks, retail shops, and cash machines which begin dispensing the new currency at midnight (1100GMT). Celebrations are being held in many European capitals, with fireworks and concerts in Frankfurt, the home of the European Central Bank. Early indications are that the huge logistical task of distributing the new currency has gone relatively smoothly, with little evidence of either counterfeiting or price rises. European Commission President Romano Prodi said the currency would be an instrument of economic stability and growth across Europe.